SENSEX NIFTY
Sanghvi Movers | Auditor's Report > Engineering - Heavy > Auditor's Report from Sanghvi Movers - BSE: 530073, NSE: SANGHVIMOV
YOU ARE HERE > MONEYCONTROL > MARKETS > ENGINEERING - HEAVY > AUDITORS REPORT - Sanghvi Movers
Sanghvi Movers
BSE: 530073|NSE: SANGHVIMOV|ISIN: INE989A01024|SECTOR: Engineering - Heavy
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Oct 23, 17:00
161.05
-1.3 (-0.8%)
VOLUME 1,486
LIVE
NSE
Oct 23, 17:00
158.55
-3.5 (-2.16%)
VOLUME 3,653
« Mar 12
Auditor's Report (Sanghvi Movers) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Sanghvi Movers
 Limited (the Company) which comprise the Balance Sheet as at 31 March
 2013, the Statement of Profit and Loss and the Cash Flow Statement for
 the year then ended, and a summary of significant accounting policies
 and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements. We believe that the audit evidence we have obtained is
 sufficient and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 i.  in the case of the Balance Sheet, of the state of affairs of the
 company as at 31 March 2013; ii.  in the case of the Statement of
 Profit and Loss, of the profit for the year ended on that date; and
 iii.  in the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a.  we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b.  in our opinion, proper books of account as required by law have
 been kept by the company so far as appears from our examination of
 those books;
 
 c.  the Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d.  in our opinion, the Balance Sheet, Statement of Profit and Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of Section 211 of the Act; and
 
 e.  on the basis of written representations received from the directors
 as on 31 March 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31 March 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 Section 274 of the Act.
 
 Annexure to Independent Auditors'' Report – 31 March 2013
 
 [Referred to in Auditors'' Report to the Members of Sanghvi Movers
 Limited (''the Company'') on the financial statements for the year ended
 31 March 2013] We report as follows:
 
 1 (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular program of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 over a period of two years. In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets. No material discrepancies were
 noticed on such verification during the year.
 
 (c) Fixed assets disposed off during the year were not substantial, and
 therefore, do not affect the going concern assumption.
 
 2 (a) The inventory has been physically verified by the management
 during the year. In our opinion, the frequency of such verification is
 reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures for physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material and have been properly dealt with in
 the books of account.
 
 3 (a) The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act.
 
 (b) The Company has availed unsecured loans from three parties covered
 in the register maintained under section 301 of the Act. The maximum
 amount outstanding during the year was Rs.172,100,000 and the year- end
 balance of such loan is Rs.172,100,000.
 
 (c) In our opinion, the rate of interest and other terms and conditions
 on which the aforesaid loans have been taken are not, prima facie,
 prejudicial to the interests of the Company.
 
 (d) In the case of the aforesaid loans, there was no principal amount
 repayable during the current financial year. The Company has been
 regular in repayment of interest as per the terms of the agreement.
 
 4 In our opinion and according to the information and explanations
 given to us, and having regard to the explanation that purchase of
 certain items of inventories and fixed assets are for the Company''s
 specialised requirements and similarly certain services rendered are
 for the specialised requirements of the buyers and suitable alternative
 sources are not available to obtain comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to purchase of
 inventories and fixed assets and with regard to the rendering of
 services. The Company''s activities do not involve sale of goods. In our
 opinion and according to the information and explanations given to us,
 there is no continuing failure to correct major weaknesses in internal
 control system.
 
 5 In our opinion, and according to the information and explanations
 given to us, there are no contracts or arrangements the particulars of
 which need to be entered into the register maintained under Section 301
 of the Act.
 
 6 The Company has not accepted any deposits from the public.
 
 7 In our opinion, the Company has an internal audit system commensurate
 with its size and nature of its business.
 
 8 The Central Government has not prescribed the maintenance of cost
 records under section 209 (1) (d) of the Act, for services rendered by
 the Company.
 
 9 (a) According to the information and explanations given to us and on
 the basis of our examination of the records, the Company has been
 regular in depositing undisputed statutory dues including Provident
 Fund, Employees'' State Insurance, Income tax, Wealth tax, Sales tax,
 Service tax, Customs duty and other material statutory dues during the
 year with the appropriate authorities. As explained to us, the Company
 did not have any dues on account of Investor Education and Protection
 Fund and Excise duty.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund, Employees''
 State Insurance, Income tax, Wealth tax, Sales tax, Service tax,
 Customs duty and other material statutory dues were in arrears as at 31
 March 2013 for a period of more than six months from the date they
 became payable.
 
 (b) According to the information and explanations given to us, there
 are no dues of Income tax, Sales tax, Wealth tax, Service tax and
 Customs duty which have not been deposited with the appropriate
 authorities on account of disputes other than those stated below:
 
 Name of the      Nature of the     Amount(Rs  Amount paid
 statute          dues              in lakhs)  under
                                               protest 
                                              (Rs in lakhs)
 
 Income Tax Act,  Income tax     
                  TDS                37.83 
 1961             demands
 
 Income Tax Act,  Income tax        498.07          381.46
 1961             Disallowances
 
 Gujarat Value    Sales tax demand  124.75 
 Added Tax Act,   on crane hiring
 2003             services
 
 Gujarat Motor    RTO tax under      44.46 
 Vehicles Act,    Gujarat Motor
 1989             Vehicles Act
 
 NAME             Period to which      Forum where 
                  the amount           dispute
                  relates              is pending
 
 Income Tax Act,  2007-2012            Commissioner of
                                       Income Tax -  
                                       Appeals, Pune
 
 Income Tax Act,  2008-2010            Commissioner of
                                       Income Tax -Pune
 
 Income Tax Act,  June 2008 to         Gujarat Value
                  March 2009           Added Tax Tribunal
 
 Income Tax Act,  N.A.                 Gujarat High
                                       Court
 
 10 The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses in the current
 financial year and in the immediately preceding financial year.
 
 11 In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 bankers. The Company did not have any outstanding dues to any financial
 institutions or debenture holders during the year.
 
 12 The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures and other securities.
 
 13 In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund/ nidhi/mutual benefit
 fund/society.
 
 14 According to the information and explanations given to us, the
 Company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 15 In our opinion and according to the information and explanations
 given to us, Company has not given any guarantees for loans taken by
 others from banks or financial institutions.
 
 16 In our opinion and according to the information and explanations
 given to us, the term loans taken by the Company have been applied for
 the purpose for which they were raised.
 
 17 According to the information and explanations given to us and on an
 overall examination of the Balance Sheet of the Company, we are of the
 opinion that the funds raised on short-term basis have not been used
 for long- term investments.
 
 18 According to the information and explanations given to us, the
 Company has not made preferential allotment of shares to
 companies/firms/other parties covered in the register maintained under
 section 301 of the Act.
 
 19 The Company did not have outstanding debentures during the year.
 
 20 The Company has not raised any money by public issues during the
 year.
 
 21 According to the information and explanations given to us, no fraud
 on or by the Company has been noticed or reported during the course of
 our audit.
 
                                  For B S R & Co.
 
                                  Chartered Accountants
 
                                  Firm registration no. 101248W
 
                                  Juzer Miyajiwala
 
 Place : Pune                     Partner
 
 Date : 27th May 2013             Membership No. 047483
Source : Dion Global Solutions Limited
Quick Links for sanghvimovers
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.